Sharon L. McCarthy participated in the panel titled "Crypto Currency: What Every Practitioner Needs To Know" at the 2018 New England IRS Representation Conference

Posted on December 03, 2018

The presentation provided tax professionals with a critical first look at new IRS initiatives on taxpayer compliance and reporting obligations for cryptocurrency transactions.

The panelists discussed the IRS position on cryptocurrency as property rather than cash, analyzed IRS monitoring to increase compliance, considered criminal investigations and prosecutions for failing to properly report cryptocurrency transactions and defined proper reporting and tax treatment for “mining” and exchanging crypto currency.